What Is Business Insurance?
Also known as "commercial insurance," this is an umbrella term for different types of coverage available that protect your business against different forms of financial loss.
This could be a defence against theft, damage, legal action, or any unforeseen interruption of business operations.
Read on to find out everything you need to know about UK business insurance, including what types are available and how to find the best deal for you.
Business Insurance Types
Business insurance comes in all different shapes and sizes, each with its own unique protection. Below is a quick list of some of the most popular types of business insurance available.
Employer's Liability Insurance
Employer's liability insurance covers you against any claims of work-related sickness or injury made by any current or former employers.
If you employ at least one staff member, even on a casual basis, then this type of insurance is a legal requirement for your business.
Public Liability Insurance
This protects your business if a member of the public is injured or property is damaged as a result of your business.
Professional Indemnity Insurance
If a customer complains that your company gave them subpar service, which led to an unanticipated outcome or, worse, cost them money, this will cover any additional or legal expenses you might incur.
In certain industries such as solicitors, accountants and healthcare professionals, this is mandatory and is enforced by industry regulatory bodies.
Product Liability Insurance
If someone is injured as a result of a faulty product, then product liability insurance will cover any financial penalties or court fees you may face as a result of this.
Business Contents Insurance
This covers any loss, theft, or damage to your equipment.
Commercial Building Insurance
If any of your commercial properties are damaged in events such as floods, fires, or vandalism, this will cover repair costs.
Business Interruption Insurance
If you find yourself unexpectedly having to put a halt on business activities, then this will cover you while you get back on your feet.
An essential for all tradespeople out there, similar to business contents insurance but specifically for tools.
For a more in-depth look, be sure to check out our other article about the different types of business insurance.